Non-banking finance company TVS Credit Services Ltd has successfully raised an equity capital of Rs 480 crore from Premji Invest to fuel its growth plan, including advancing its digitisation journey, the city-based company said on Saturday.

Premji Invest, the investment arm of Wipro founder Azim Premji’s endowment, would pick up a 9.7 per cent equity stake in TVS Credit for Rs 737 crore as part of the transaction via a combination of primary and secondary investments.

The primary capital raised would be utilised to further strengthen the efforts of TVS Credit in expanding its customer base in new markets, increasing the channel partner network, and advancing its digitisation journey.

With this infusion of capital, the company aims to accelerate its mission of fulfilling the aspirations of a growing India by providing convenient financing options, TVS Credit Services said in a statement.

“TVS Credit has demonstrated exceptional performance, achieving robust and profitable growth,” chairman Sudarshan Venu said.

Vedanta wins bid for iron ore block in Goa

Vedanta Ltd on Saturday said it has been declared as the “preferred bidder” for an iron ore mine in Goa.

The government of Goa had invited tenders to participate in an electronic auction for grant of mining lease for iron ore mines in the state, the company said in a regulatory statement. The company said it had submitted its bid for grant of mining lease.

“According to the notice dated June 9, 2023, issued by the Directorate of Mines & Geology, Government of Goa, the company has been declared as ‘preferred bidder’ in respect of the electronic auction of block VII - Cudnem mineral block based on highest final price offer of 93.15 per cent,” it said.

The grant lease by the Goa government shall be subject to the making of necessary payments, completion of other terms and conditions of the tender document, Vedanta Ltd said. PTI